Beginning in the mid-1970s, there was a surge in population growth. This generation, known
as the baby boomers (1946-1964), was the post-World War II generation; they comprised one-third
of the population in the mid-1970s. In 1980, the oldest baby boomer was only 34, and this group
matured over the decade. They helped drive forward the demand for housing and commercial
construction. The recession of 1981-82 slowed construction long enough to cause pent-up demand
to build. When this demand exploded, it provided a boost in housing and throughout the economy.
Baby boomers bought not only houses, but also everything to furnish them. During this time,
consumers more than doubled their debt, and the spending spree of the 1980s was great enough to
revive the economy throughout the decade.